Mahindra CIE Automotive gains on subscribing 31.20% stake in ReNew Surya Alok
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Mahindra CIE Automotive is currently trading at Rs. 180.65, up by 1.65 points or 0.92% from its previous closing of Rs. 179.00 on the BSE.
The scrip opened at Rs. 185.00 and has touched a high and low of Rs. 185.00 and Rs. 179.25 respectively. So far 12607 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 234.50 on 16-Feb-2021 and a 52 week low of Rs. 59.05 on 25-Mar-2020.
Last one week high and low of the scrip stood at Rs. 206.15 and Rs. 176.90 respectively. The current market cap of the company is Rs. 6843.04 crore.
The promoters holding in the company stood at 71.61%, while Institutions and Non-Institutions held 18.26% and 10.13% respectively.
Mahindra CIE Automotive has subscribed 8,26,000 equity shares of ReNew Surya Alok (ReNew) which constitute 31.20% of the total issued and paid-up capital of ReNew. ReNew is engaged in Solar Power Generation and Supply. Accordingly, the said investment is made essentially to qualify as a captive consumer and thereby optimizing the power cost at the plants.
Mahindra CIE Automotive is a multi-technology automotive components supplier.
